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N.D. (NewsDakota.com) – North Dakota’s crude oil prices have reached a new low today that hasn’t been seen since 2009.

According to market reports, Bakken crude fetched at just over 40 dollars a barrel. It’s estimated that they could fall even lower into the thirties later this week. The reason for this is due to supply and demand. The oil being produced is much faster than the oil being taken out of storage.

It’s estimated that more than a million barrels of oil are produced a day, with seven million being produced in a week. Only 2.5 million barrels are put into storage in one week, leaving 4.5 million barrels more than before.